Arbeitspapier
A tractable model of buffer stock saving
We present a tractable model of the effects of nonfinancial risk on intertemporal choice. Our purpose is to provide a simple framework that can be adopted in fields like representative-agent macroeconomics, corporate finance, or political economy, where most modelers have chosen not to incorporate serious nonfinancial risk because available methods were too complex to yield transparent insights. Our model produces an intuitive analytical formula for target assets, and we show how to analyze transition dynamics using a familiar Ramsey-style phase diagram. Despite its starkness, our model captures most of the key implications of nonfinancial risk for intertemporal choice.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper ; No. 2009/14
- Klassifikation
-
Wirtschaft
Optimization Techniques; Programming Models; Dynamic Analysis
Consumer Economics: Theory
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- Thema
-
Risk
Uncertainty
Precautionary Saving
Buffer Stock Saving
Sparen
Kassenhaltungsansatz
Entscheidung bei Unsicherheit
Zeitpräferenz
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Carroll, Christopher D.
Toche, Patrick
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2009
- Handle
- URN
-
urn:nbn:de:hebis:30-68339
- Letzte Aktualisierung
-
20.09.2024, 08:23 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Carroll, Christopher D.
- Toche, Patrick
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2009